2 Oct 2011

Portable Health Insurance – Facts you must know about

Portable Health Insurance – Facts you must know about.

As per the recent initiative of Insurance Regulatory and Development Authority (IRDA) of India, the health insurance policy has been made portable which literally means transferable. There are some of the facts related to this new campaign which you should know if you are having a Health Insurance and are thinking of transferring the credits to another insurer. So read on to find more...



What exactly portability means, as earlier mentioned portability implies transfer. So in this case, if the policy holder wants to switch from one insurer to another insurer or if he want to switch from one plan to another plan of the same insurer then the credits gained can be transferred  subject to the pre-existing conditions and time bound exclusion provided the previous insurance policy have been maintained with any break. This portability has been allowed for all the individual health insurance policies which have been issued by the non-life insurance companies. This also includes family floater policies.

Here the term ‘break’ occurs when the policy holder has not paid the premium before the premium renewal date or within 40 days afterwards. Now if you want to apply for portability then you must apply for the same to the insurance company for at least 45 days in advance to the premium renewal date of your existing health insurance policy. You are required to fill and submit in the portability form along with the request or proposal form to your insurance company. After submitting the application the insurance company get back to you with their decision on you proposal. If suppose the company fails to response to its policy holder within 15 days of submitting the application and the insurance company will then lose its right to reject the application, which means your application will surely get approval.
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